According to Mr Suresh Tendulkar former chairman of the Prime Minister's Economic Advisory Council, Indian economy would grow at least 7% in the current financial year.
Mr Tendulkar on the sidelines of a function hosted by the SME Chamber of India said that "Clearly, there is a problem about monsoon. But other sectors, services and manufacturing, are showing signs of improvement. I think we should be able to clock at least 7%.”
He believes inflation would stay in the comfort range of 5% or less. But he declined to predict the time RBI would exit from its soft monetary stance, saying it is a dicey proposition in the face of uncertainties.
Mr Tendulkar's forecast on India's economic growth is rather optimistic compared to the predictions of 6.3% made by the Planning Commission, and over 6 per cent by the Reserve Bank of India.
However, Mr Arvind Virmani Finance Ministry's Chief Economic Advisor expects a growth of 7%. And Mr Montek Singh Ahluwalia deputy chairman of Planning Commission eliminated the downside possibility of the commission's forecast.
(Sourced from http://www.steelguru.com/news/index/2009/10/12/MTE1NTQ5/Macroeconomic_indicators_-_Mr_Tendulkar_sees_7pct_Indian_growth.html)
Sunday, October 11, 2009
Macroeconomic indicators - Mr Tendulkar sees 7pct Indian growth
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